INDAGRO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 PDF all 33 filings
Turnover
≈ €83,000
Estimated: probably between €54,000 and €170,000
Total assets
€233,185▼ 8.4%
2024 · €254,593
Net result
-€8,262
2024 · €5,786
Working capital
€137,134▼ 14.4%
2024 · €160,198
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,129
2025
20182025
Net result
-€8,262
2025
lowest quarter of the sector
20182025
Equity
€169,174
▼ 4.7%
2025
highest quarter of the sector
20182025
Total assets
€233,185
▼ 8.4%
2025
middle half of the sector
20182025
Debt
€64,012
▼ 17.0%
2025
20182025
Working capital
€137,134
▼ 14.4%
2025
highest quarter of the sector
20182025
Solvency
72.5%
▲ 2.9pp
2025
highest quarter of the sector
20182025
Current ratio
3.27
▼ 0.39
2025
middle half of the sector
20182025
Return on assets (ROA)
-3.5%
▼ 5.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,315-€688▼ 89.1%-€1,885€3,183€1,902▼ 40.3%€35,286▲ 19×€13,439▼ 61.9%-€8,129
Net result€2,714-€731▼ 73.1%-€1,937below the sector's middle half-€2,796below the sector's middle half▼ 44.4%-€1,143below the sector's middle half▲ 59.1%€21,278within the sector's middle half€5,786within the sector's middle half▼ 72.8%-€8,262below the sector's middle half
Equity€155,517-€156,248▲ 0.5%€154,311above the sector's middle half▼ 1.2%€151,515above the sector's middle half▼ 1.8%€150,372above the sector's middle half▼ 0.8%€171,649above the sector's middle half▲ 14.2%€177,435above the sector's middle half▲ 3.4%€169,174above the sector's middle half▼ 4.7%
Total assets€266,431-€345,731▲ 29.8%€279,702within the sector's middle half▼ 19.1%€240,651within the sector's middle half▼ 14.0%€257,527within the sector's middle half▲ 7.0%€286,879within the sector's middle half▲ 11.4%€254,593within the sector's middle half▼ 11.3%€233,185within the sector's middle half▼ 8.4%
Debt€110,914-€189,483▲ 70.8%€125,391▼ 33.8%€89,137▼ 28.9%€107,156▲ 20.2%€115,230▲ 7.5%€77,158▼ 33.0%€64,012▼ 17.0%
Working capital€96,767-€103,612▲ 7.1%€112,437above the sector's middle half▲ 8.5%€110,253above the sector's middle half▼ 1.9%€126,094above the sector's middle half▲ 14.4%€148,762above the sector's middle half▲ 18.0%€160,198above the sector's middle half▲ 7.7%€137,134above the sector's middle half▼ 14.4%
Solvency58.4%-45.2%▼ 13.2pp55.2%within the sector's middle half▲ 10.0pp63.0%within the sector's middle half▲ 7.8pp58.4%within the sector's middle half▼ 4.6pp59.8%within the sector's middle half▲ 1.4pp69.7%above the sector's middle half▲ 9.9pp72.5%above the sector's middle half▲ 2.9pp
Current ratio1.87-1.55▼ 0.331.90within the sector's middle half▲ 0.352.24within the sector's middle half▲ 0.342.38within the sector's middle half▲ 0.142.40within the sector's middle half▲ 0.023.66above the sector's middle half▲ 1.273.27within the sector's middle half▼ 0.39
Return on assets (ROA)1.0%-0.2%▼ 0.8pp-0.7%below the sector's middle half▼ 0.9pp-1.2%below the sector's middle half▼ 0.5pp-0.4%below the sector's middle half▲ 0.7pp7.4%within the sector's middle half▲ 7.9pp2.3%within the sector's middle half▼ 5.1pp-3.5%below the sector's middle half▼ 5.8pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €8,129, after a profit of €13,439 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €233,185
Fixed assets
€35,639 ▲ 4.2%
Current assets
€197,546 ▼ 10.4%
Equity and liabilities €233,185
Equity
€169,174 ▼ 4.7%
Debt
€64,012 ▼ 17.0%
Debt's share of the balance-sheet total falls from 30.3% to 27.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€4,327▼
2024 · €24,656
Cash flow
€4,194▼
2024 · €17,003
Quick ratio
2.58▼
2024 · 3.37
Debt to equity
0.38▼
2024 · 0.43
ROE
-4.9%▼
2024 · 3.3%
Interest coverage
32.54▲
2024 · 5.18
Debt ≤ 1 year
€60,412▲
2024 · €60,191
Debt > 1 year
€3,600
Staff costs
€278▲
2024 · €114
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,746 | €8,900 | €3,749 | €13,834 | €13,915 |
| Depreciation and write-downs of the year | €10,358 | €10,086 | €10,341 | €11,217 | €12,456 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €520 | - |
| Remuneration, social security and pensions62 | - | - | - | - | €884 | €90 | €114 | €278 | ▲ 143% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,808 | €13,564 | €10,762 | €10,358 | €10,086 | €10,341 | €11,217 | €12,456 | ▲ 11.0% |
| Other operating charges640/8 | - | - | - | €2,586 | €2,645 | €7,851 | €5,529 | €5,443 | ▼ 1.6% |
| Gross operating margin9900 | €26,878 | €16,659 | €11,496 | €16,127 | €15,518 | €53,567 | €30,300 | €10,047 | ▼ 66.8% |
| Operating profit (loss)9901 | €6,315 | €688 | -€1,885 | €3,183 | €1,902 | €35,286 | €13,439 | -€8,129 | - |
| Financial income75/76B | - | - | - | €2 | €50 | €0 | €0 | €0 | ▲ 50.0% |
| Recurring financial income75 | €159 | €111 | €74 | €2 | €50 | €0 | €0 | €0 | ▲ 50.0% |
| Financial charges65/66B | - | - | - | €203 | €3,095 | €4,058 | €4,761 | €133 | ▼ 97.2% |
| Recurring financial charges65 | €680 | €68 | €126 | €203 | €3,095 | €4,058 | €4,761 | €133 | ▼ 97.2% |
| Profit (loss) for the period before taxes9903 | €5,794 | €731 | -€1,937 | €2,982 | -€1,143 | €31,228 | €8,678 | -€8,262 | - |
| Income taxes67/77 | €3,079 | - | - | €5,779 | - | €9,950 | €2,892 | - | - |
| Profit (loss) for the period9904 | €2,714 | €731 | -€1,937 | -€2,796 | -€1,143 | €21,278 | €5,786 | -€8,262 | - |
| Profit (loss) for the period to be appropriated9905 | €2,714 | €731 | -€1,937 | -€2,796 | -€1,143 | €21,278 | €5,786 | -€8,262 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €266,431 | €345,731 | €279,702 | €240,651 | €257,527 | €286,879 | €254,593 | €233,185 | ▼ 8.4% |
| Fixed assets21/28 | €58,749 | €52,636 | €41,874 | €41,262 | €40,076 | €31,588 | €34,204 | €35,639 | ▲ 4.2% |
| Tangible fixed assets22/27 | €55,750 | €49,636 | €38,874 | €38,262 | €37,076 | €28,588 | €31,205 | €32,664 | ▲ 4.7% |
| Land and buildings22 | - | - | - | €32,245 | €24,912 | €17,721 | €10,569 | €4,483 | ▼ 57.6% |
| Plant, machinery and equipment23 | - | - | - | €6,017 | €12,164 | €10,867 | €20,636 | €14,456 | ▼ 29.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €13,725 | - |
| Financial fixed assets28 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | €2,975 | ▼ 0.8% |
| Current assets29/58 | €207,681 | €293,095 | €237,828 | €199,390 | €217,451 | €255,291 | €220,389 | €197,546 | ▼ 10.4% |
| Stocks and contracts in progress3 | €63,851 | €62,611 | €51,741 | €41,892 | €43,433 | €22,193 | €17,463 | €41,784 | ▲ 139% |
| Stocks30/36 | - | - | - | €41,892 | €35,366 | €20,107 | €17,463 | €41,784 | ▲ 139% |
| Contracts in progress37 | - | - | - | - | €8,067 | €2,086 | - | - | - |
| Amounts receivable within one year40/41 | €33,186 | €96,147 | €94,777 | €58,141 | €56,029 | €107,488 | €91,184 | €46,700 | ▼ 48.8% |
| Trade receivables40 | - | - | - | €58,141 | €56,029 | €87,488 | €71,048 | €39,856 | ▼ 43.9% |
| Other amounts receivable41 | - | - | - | - | - | €20,000 | €20,136 | €6,843 | ▼ 66.0% |
| Cash at bank and in hand54/58 | €40,002 | €105,415 | €89,360 | €99,357 | €117,989 | €125,610 | €111,742 | €109,063 | ▼ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €266,431 | €345,731 | €279,702 | €240,651 | €257,527 | €286,879 | €254,593 | €233,185 | ▼ 8.4% |
| Equity10/15 | €155,517 | €156,248 | €154,311 | €151,515 | €150,372 | €171,649 | €177,435 | €169,174 | ▼ 4.7% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €136,925 | €137,656 | €137,656 | €132,923 | €132,923 | €153,057 | €158,843 | €150,582 | ▼ 5.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €131,063 | €131,063 | €151,198 | €156,984 | €148,722 | ▼ 5.3% |
| Profit (loss) carried forward14 | - | - | -€1,937 | - | -€1,143 | - | - | - | - |
| Amounts payable17/49 | €110,914 | €189,483 | €125,391 | €89,137 | €107,156 | €115,230 | €77,158 | €64,012 | ▼ 17.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €3,600 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €3,600 | - |
| Amounts payable within one year42/48 | €110,914 | €189,483 | €125,391 | €89,137 | €91,357 | €106,530 | €60,191 | €60,412 | ▲ 0.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,900 | €7,500 | €3,600 | €3,600 | - | - |
| Trade debts44 | €10,653 | €91,869 | €12,061 | €117 | €5,268 | €2,446 | €2,519 | €8,506 | ▲ 238% |
| Suppliers440/4 | - | - | - | €117 | €5,268 | €2,446 | €2,519 | €8,506 | ▲ 238% |
| Taxes, remuneration and social security45 | - | - | - | €6,079 | €11,551 | €22,729 | €8,317 | €3,273 | ▼ 60.6% |
| Taxes450/3 | - | - | - | €6,079 | €11,551 | €22,729 | €8,317 | €3,273 | ▼ 60.6% |
| Other amounts payable47/48 | - | - | - | €79,040 | €67,037 | €77,754 | €45,754 | €48,632 | ▲ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €15,799 | €8,700 | €16,967 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,714 | €731 | -€1,937 | -€2,796 | -€1,143 | €21,278 | €5,786 | -€8,262 | - |
| + Depreciation and write-downs630 | €16,808 | €13,564 | €10,762 | €10,358 | €10,086 | €10,341 | €11,217 | €12,456 | ▲ 11.0% |
| Operating cash flow (approximation) | €19,522 | €14,296 | €8,825 | €7,561 | €8,943 | €31,619 | €17,003 | €4,194 | ▼ 75.3% |
| Investment in fixed assets (approximation) | - | -€7,451 | €0 | -€9,746 | -€8,900 | -€1,853 | -€13,834 | -€13,890 | ▼ 0.4% |
| Change in cash | - | €65,413 | -€16,055 | €9,997 | €18,633 | €7,621 | -€13,868 | -€2,680 | ▲ 80.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as INDAGRO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INDAGRO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for INDAGRO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00163856 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00223639 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00403781 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00352723 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20346668 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58000413 | |
| 31-12-2019 | micro format | 19-08-2020 | 2020-42100153 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-50800096 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53000154 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-33000465 |